Wednesday was a double “whammy” for the already shaky national image of Atlantic City. First was ranked Forbes troubled coastal casino, a samhällsdöd among the nation’s 200 largest metropolitan areas in the business climate, when taking into account factors such as employment, education, cost of doing business, quality of life and a number of other measures.
For the record, this is the second consecutive year that the AC has occupied the lowest step on this unworthy ladder. The same day was also damaged credit agency Moody’s downgrade, AC rating two full degrees, which donates a portion of the $ 245m the general obligation of the debt to “junk status”. Moody’s justified the downgrade with an indication of the AC “considerably weakened tax base, the ability to raise incomes and broader economic outlook.
Factors contributing to this dire situation, include “the ongoing casino revenue falls, expected in the short term closures of casinos and the impact of significant casino tax appeals.” When it comes to closures, as has Sen. Jim Whelan and two members of the Assembly asked the New Jersey Casino Control Commission (CCC) to delay the closure of Showboat and Trump Plaza casinos in four months.
The three lawmakers say and 31 August and 16 September, the closure date is not offering potential buyers the opportunity to do due diligence or raise the necessary financing to acquire properties, and (hopefully) keep them in operation. Pols also want CCC to prohibit the properties’ current owners from imposing conditions for new potential buyers, so that they do not use the properties as casinos in the future. CCC chairman Matthew Levinson told The Associated Press that the CCC is studying the issue but Levinson is not sure CCC has the authority to approve such a request. Levinson said that the AC’s current conditions are “unprecedented and presents new issues” that require careful consideration before making any decision.
Meanwhile, AC’s Mayor Don Guardian claims to have good news about Revel other AC casino currently balancing on the edge of extinction. Revel’m going to stab in the auction of blocket16 August, and its owners say they will be forced to close in September if someone with a big checkbook and a small brain steps up. On Wednesday, the Guardian reporters that “behind closed doors are half a dozen companies that see the opportunity to buy Revel,” even if the guardian declined to identify these potential buyers of the name. Guardian has also failed to identify the individuals who allegedly kicking the tires on Showboats property. Guardian have said they know someone interested in the Plaza. Guardian suggested, however, Atlantic Club, which was closed in January before the acquisition in May of the Florida-based TJM properties avenge sold again. The Guardian said he had a meeting scheduled with TJM “about a potential new buyer for the property.”